BofA/Merrill analyst Olivia Tong issued a double-upgrade of Energizer to Buy from Underperform with a price target of $48, modeling an earnings multiple of 14-times expected 2020 EPS vs. 11-times prior. The analyst notes that her prior rating assumed a longer fix to the company's Auto Care business challenges and a "more onerous" than priced in battery cannibalization. Tong adds that while the company's integration of the recently acquired assets may lead to some near-term volatility, she is confident based on the management's turnaround track record. With Energizer down 40% over the past year and the risks now "known", the analyst contends that the double-upgrade is warranted.